1. Field of the Invention
The subject invention relates to managing real estate transactions, and more particularly, to a system and method for gathering, processing, disseminating and controlling information relating to real estate transactions.
2. Background of the Related Art
The traditional business model for real estate companies has been to list and sell properties with a sales force of independent contractors. Real estate companies have exclusively provided real estate agents, tours of properties on the market, submission of bids and information about schools and neighborhoods. Real estate agents have been the main interface for customers, who are the most vital assets of a real estate company.
Organizations such as a Multiple Listing Service (hereinafter "MLS") developed to aid the flow of information to customers. A MLS normally prepares books, which serve as references for real estate agents. The MLS books contain photos and descriptions of property for sale (hereinafter "listings"). Unfortunately, the MLS publications become outdated and are often difficult and costly to distribute. The present invention provides an improved system and method for disseminating information to customers, sales agents and real estate companies.
Real estate companies and sales agents have traditionally relied solely on commissions generated from listing sales. However, typical customers seek goods and services as a result of transactions in which they are involved. Providers of real estate related goods and services would desire the opportunity to have direct access to these customers in a timely manner. Consequently, a need exists for real estate companies to implement a method which links providers of such goods and services with customers to fully realize the potential revenue associated with their customer base as well as add value for their customers.
Despite their success, current business models for real estate companies have several additional shortcomings. For example, the sales agent controls the customer information. When sales agents try to extract value from the customer data, the time and effort they spend selling homes is diminished. Furthermore, the task of acquiring new customers, keeping existing customers satisfied and controlling customer information becomes a burden for sales agents. Often times, referrals are lost and appointments missed, because information has not been properly recorded.
Another problem arises when sales agents freely release customer data to electronic commerce businesses who profit therefrom. Alternatively, if the sales agent distributes customer data at a price, several additional problems may arise. First, customers have an expectation of privacy with respect to their personal information. Therefore, the customer data should not be distributed without permission. Second, the customers receive a multitude of cold calls from vendors. As a result, the customer develops an aversion to the process. Thus, there is a need for a system in which a sales agent can delegate tasks, such as information management and still maintain control over customer data in order to provide a monetary return to the real estate company.
Large investments in training and technology are necessary to enable sales agents to control the flow of information. Despite such large investments, no guarantee exists that the information will be managed better, value will be added for the customer or new revenue streams will be generated for the real estate company. Further, such efforts can fail due to a lack of support from sales agents and vendors of real estate related goods and services. Thus, the need exists for a method of managing real estate transactions which is highly endorsed and supported by sales agents as well as national and local vendors of real estate related goods and services. Furthermore, such investments are cost prohibitive for smaller organizations. Under these circumstances, a further need exists for a proven business model, which is accompanied by turnkey software that is easy to implement and yet affordably priced so that small size organizations can take advantage thereof. Moreover, the software would advantageously feature interoperability which allows the software to be enhanced by additional modules and integrated with current systems.
The proliferation of the Internet has presented an additional challenge to the traditional business model for selling real estate. The low overhead distribution of information via the Internet has created alternatives to the traditional real estate company. Customers are increasingly acquiring traditional real estate company services via the Internet without engaging a real estate company. As a result, the Internet has caused a downward pressure on broker commissions and increased competition for customers. Therefore, real estate companies require an improved method which adds value for their customers, generates new revenue streams and allows customers full access to information.
In view of the above deficiencies in the prior systems and methods for managing real estate transactions, there is a need in the art for an improved system and method for managing real estate transactions which gathers, processes and controls information in a more efficient and profitable manner.